Liontown Resources (ASX: LTR) shares rallied 8% in early-trade following positive drill results at its Buldania Lithium Project in WA.
For the uninitiated, Buldania is Liontown’s second hard-rock lithium project located in the same region as Allkem’s (ASX: AKE) Mt Marion project.
Liontown received all assays from a recently completed drilling program aimed at resource growth and new discoveries.
Drilling has been focused on the Anna Deposit, which previously confirmed a significant new lithium discovery with a maiden resource of 1.5m tonnes at grades of 1.0%.
The assays returned typical lithium grades ranging between 0.5% and 1.6% at intersections between 3-21m.
Liontown said further drilling is planned prior to updating the Anna mineral resource estimate.
Another prospect was identified at Buldania known as the Northwest prospect.
Recent drilling has intersected “multiple spodumene-bearing pegmatites” and further drilling is planned to determine the size and continuity of the findings.
Liontown said these results reinforce Buldania as “an emerging asset of comparable size and quality to several recent lithium discoveries.”
“The expanding Northwest Prospect presents an exciting opportunity for further follow up exploration and, along with the potential for incremental extension of the Anna Deposit, ensures that Buldania continues to emerge as an attractive asset," commented Liontown CEO Tony Ottaviano.
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